CIBC Shows Lower Q3 Earnings, In Contrast To Canadian Peers

BANKS

TORONTO--Canadian Imperial Bank of Commerce (CIBC), which is the last of the Canadian banks to release third quarter results for the period ended July 31, reports an 8 per cent dip in total forex income. However, the bank reports that FX trading-related income (excluding revenues from the retail branch network) suffered a 70 per cent year-on-year decline, citing derivatives-related losses.

The bank's total FX revenue (including trading and other FX income) for the period was C$65 million ($43